Iceland Insurance Industry – Key Trends and Opportunities to 2027
All the vital news, analysis, and commentary curated by our industry experts.
Iceland Insurance Industry Report Overview
The total gross written premium (GWP) in the Iceland insurance industry was ISK86.8 billion in 2022 and is expected to record a CAGR of more than 6% during 2023-2027. Iceland’s economy is mainly driven by tourism and exports, which contributed to real GDP growth of 6.4% in 2022. To foster growth in the economy, regulatory reforms should be implemented, which will ease market access for new firms, while the education system should be expanded to include relevant skills.
Iceland Insurance Industry Outlook 2022-2027 (ISK Billion)
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The Iceland insurance industry report provides in-depth market analysis, information, and insights into the Iceland insurance industry. The report has a comprehensive overview of the Icelandic economy, government initiatives, and investment opportunities. The Iceland insurance regulatory framework’s evolution, key facts, taxation regime, licensing, and capital requirements are covered in this report. Furthermore, the report offers Iceland’s insurance market structure giving details of lines of business and premiums ceded along with cession rates.
|Market Size (2022)||ISK86.8 billion|
|Key Insurance Sectors||Life Insurance and General Insurance|
|Key Trends||Avalanche Insurance and Health Insurance|
|Key Lines of Business (Life Insurance)||Endowment, Life PA&H, and Others|
|Key Lines of Business (General Insurance)||Property, Motor, Liability, Financial Lines, MAT, and General Insurance PA&H|
|Key Companies||Sjova-Almennar, Vatryggingafelag, TM tryggingar, Vorour tryggingar, Vorour liftryggingar|
|Enquire & Decide||Discover the perfect solution for your business needs. Enquire now and let us help you make an informed decision before making a purchase.|
Iceland Insurance Industry Trends
Some of the key trends influencing the Iceland insurance industry are Avalanche Insurance and Health Insurance.
Avalanche Insurance: In Iceland, fire insurance is mandatory for all properties. In March 2023, Sjova-Almennar announced that customers purchasing its fire insurance policies will be covered by Iceland’s Natural Disaster Insurance scheme, which includes cover for events such as avalanches.
Health Insurance: In November 2022, Sjova-Almennar revised aspects of its health insurance plans. For its casco insurance, previously customers had to pay an amount equivalent to double the premium to cover deductibles; now, the company bears the deductible charges. For sickness insurance, the company now covers a greater number of illnesses, while children receive the same level of coverage as their parents.
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Iceland Insurance Industry Sectors
The key sectors in the Iceland insurance industry are life insurance and general insurance. In 2022, the general insurance sector accounted for the highest share of total insurance industry GWP. The sector’s growth can be attributed to the rising growth of the Motor LOB. Growth in this LOB can be attributed to an increase in electric vehicle (EV) sales. The EV market is booming due to government initiatives designed to boost uptake, such as tax rebates for consumers who buy EV charging stations. Property and liability insurance follow the motor segment of the general insurance GWP respectively.
Iceland Insurance Industry Analysis by Sector, 2022 (%)
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Iceland Insurance Industry – Competitive Landscape
The key companies in the Iceland insurance industry are Sjova-Almennar, Vatryggingafelag, TM tryggingar, Vorour tryggingar, Vorour liftryggingar among others. In 2022, Sjova-Almennar was the leading insurer, followed by Vatryggingafelag and TM tryggingar.
Iceland Insurance Industry Analysis by Companies, 2022 (%)
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Key Segments Covered in the Report.
Iceland Insurance Industry Sector Outlook (Value, ISK Billion, 2018-2027)
- Life Insurance
- General Insurance
This report provides a comprehensive analysis of the Iceland insurance industry –
- It provides historical values for the Iceland insurance industry for the report’s 2018–22 review period, and projected figures for the 2023–27 forecast period.
- It offers a detailed analysis of the key categories in the Iceland insurance industry and market forecasts to 2027.
- It profiles the top life insurance companies in Iceland and outlines the key regulations affecting them.
• Key insights and dynamics of the Iceland insurance industry.
• A comprehensive overview of the Iceland economy, government initiatives, and investment opportunities.
• The Iceland insurance regulatory framework’s evolution, key facts, taxation regime, licensing, and capital requirements.
• The Iceland insurance industry’s market structure giving details of lines of business.
• Iceland’s reinsurance business’s market structure giving details of premium ceded along with cession rates.
Reasons to Buy
- Make strategic business decisions using in-depth historic and forecast market data related to the Iceland insurance industry, and each category within it.
- Understand the demand-side dynamics, key market trends, and growth opportunities in the Iceland insurance industry.
- Assess the competitive dynamics in the Iceland insurance industry.
- Identify growth opportunities and market dynamics in key product categories.
Table of Contents
Regulation and Compliance
Key Market Trends
Life Insurance: Trends and KPIs
Life Insurance: LOB
General Insurance: Trends and KPIs
General Insurance: LOB
Frequently asked questions
What was the Iceland insurance industry gross written premium in 2022?
The gross written premium of the Iceland insurance industry was ISK86.8 billion in 2022.
What is the Iceland insurance industry growth rate?
The insurance industry in Iceland is expected to achieve a CAGR of more than 6% during 2023-2027.
What sector dominated the Iceland insurance industry in 2022?
The general insurance segment dominated the Iceland insurance industry in 2022.
What are the key companies in the Iceland insurance industry?
The key companies in the Iceland insurance market are Sjova-Almennar, Vatryggingafelag, TM tryggingar, Vorour tryggingar, Vorour liftryggingar among others.
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